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Thursday, July 7 2022
Tiếng Việt
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Date 29/03/2022-09:26:00 AM
Socio-economic situation in 2022

1. Socio-economic situation in the first quarter of 2022 (Report No. 52/BC-GSO dated March 29th, 2022 prepared by the General Statistics Office, under the Ministry of Planning and Investment).

- Gross domestic product (GDP) growth rate: GDP in the first quarter of 2022 was estimated to increase by 5.03% over the same period last year, higher than the growth rate of 4.72% in the first quarter of 2021 and 3.66% in the first quarter of 2020 but still lower than the growth rate of 6.85% in the first quarter of 2019. Of which, the agriculture, forestry, and fishery sector increased by 2.45%, contributing 5.76% to the overall growth; the industry and construction sector increased by 6.38%, contributing 51.08%; the service sector increased by 4.58%, contributing 43.16%.

- Agriculture, forestry, and fishery: Agricultural production in the first quarter of 2022 took place in relatively favorable weather conditions for spring rice to grow and develop, but due to the complicated developments of the Covid-19 pandemic, it has greatly affected agricultural production and consumption. Livestock production has been in recovery but faced difficulties due to the high price of animal feed. The development of forestry production, wood processing, and export in the first months of 2022 had many positive signs. Aquaculture and seafood processing activities recovered strongly, the price of pangasius increased to a record level in 2018 after more than two consecutive years at a low level. Shrimp prices also tended to increase. Fishing output decreased due to high gasoline prices, many fishing boats lay ashore.

- Industrial production: Industrial production in the first quarter of 2022 continued to prosper with the value-added of the whole industry increasing by 7.07% over the same period last year, of which the manufacturing increased by 7.79%; electricity production and distribution grew steadily; the mining and quarrying increased positively due to an increase in coal and metal ore.

- Enterprise activities: The situation of business registration in the first quarter of 2022 has many improvements, the number of newly-established enterprises and re-operated enterprises in the first quarter of 2022 increased by 36.7% compared to the same period last year; the total capital registered to the economy increased by 21%, of which the additional registered capital of active enterprises increased by 34.5%. In addition, the results of the survey of business trends of enterprises in the processing and manufacturing industry showed that enterprises are optimistic about the production and business situation in the second quarter of 2022 with 82.3% of enterprises assessing that it will be stable and better than the first quarter of 2022.

- Retail sales of consumer goods and services: Generally, in the first quarter of 2022, the total retail sales of consumer goods and services were estimated at 1.318 trillion VND, up 4.4% over the same period last year, if excluding the price factor it was an increase of 1.6% (in the same period in 2021, up 2%).

- Banking, insurance, and securities activities: In the first quarter of 2022, in the context of the economy facing many difficulties due to the impact of the Covid-19 pandemic, the State Bank of Vietnam continued to maintain the operating interest rate, creating favorable conditions for credit institutions to continue to reduce lending interest rates, and support the recovery of the economy. The insurance business grew steadily; the stock market has many positive prospects with the stock market capitalization estimated to increase by 28% over the same period of last year.

- Development investment: The realized investment in the first quarter of 2022 at current prices was estimated at 562.2 trillion VND, a growth of 8.9% over the same period last year, of which: The investment capital of the State sector reached 136.5 trillion VND, representing 24.3% of the total capital and increasing by 9.3% compared to the same period last year; the non-state sector gained 323.1 trillion VND, accounting for 57.5% and rising by 9.1%; the foreign direct investment recorded 102.6 trillion VND, accounting for 18.2% and decreasing by 7.9%.

The foreign direct investment from the beginning of the year as of 20th March 2022 including newly registered capital, adjust registered capital, and the total value of capital contribution and share purchases of foreign investors reached 8.91 billion USD, decreased by 12.1% compared to the same period in 2021.

Newly registered capital included 322 newly licensed projects with a registered capital of3.21 billion USD, an increase of 37.6% in the number of projects and a decrease of 55.5% of registered capital compared to the same period last year. Adjust registered capital included 228 turns of projects (which were licensed in the previous years) registered to adjust investment capital with the additional capital of 4.07 billion USD, increased by 93.3% compared to the same previous last year.

Capital contribution and share purchases of foreign investors included 734 turns with a total value of the capital contribution of 1.63 billion USD, an increase of 102.6% compared to the same period last year. Of which, 341 turns of capital contribution, share purchase caused the increase of charter capital of the enterprise with the value of contributed capital of 819.7 million USD, and 393 turns of foreign investors repurchased domestic shares without increasing the charter capital with a value of 811.4 million USD.

Foreign direct investment capital that was implemented in 3 months of 2022 reached 4.42 billion USD, an increase of 7.8% over the same period last year, this is the highest level of foreign direct investment made in the past 5 years.

- State budget revenues and expenditures: State budget revenue from the beginning of the year to 15/3/2022 reached 25.5% of the annual estimate. State budget expenditure reached 15.6% of the annual estimate, ensuring needs of socio-economic development, defense, security, state management, payment of due debts as well as timely payment for specified objects.

- Export and import of goods and services: In the first quarter of 2022, the total export and import turnover of goods reached 176.35 billion USD, up 14.4% over the same period last year, of which exports increased by 12.9%; imports increased by 15.9%.

+ Export of good: The export turnover of goods in February 2022 reached 23.42 billion USD, 470 million USD higher than the estimated figure.

Export turnover of goods in March 2022 was estimated at 34.06 billion USD, up 45.5% over the previous month and up 14.8% over the same period last year. Generally in the first quarter of 2022, export turnover of goods was estimated at 88.58 billion USD, up 12.9% over the same period last year.

+ Import of goods: Import turnover of goods in February 2022 reached 25.38 billion USD, 101 million USD higher than the estimate figure.

Import turnover of goods in March 2022 was estimated at 32.67 billion USD, up 28.7% over the previous month and up by 14.6% over the same period last year. Generally in the first quarter of 2022, the import turnover of goods was estimated at 87.77 billion USD, up 15.9% over the same period last year, of which the domestic economic sector reached 29.43 billion USD, up 13.7%; FDI sector reached 58.34 billion USD, up 17.1%. In the first quarter of 2022, there are 16 imported products with a value of over 1 billion USD, accounting for 76.1% of the total import turnover.

+ Export and import of services: In the first quarter of 2022, service export turnover was estimated at 1.05 billion USD, up 19.6% over the same period last year, of which tourism services gained 77 million USD (accounting for 7.3% of total turnover), an increase of 75%; transportation services reached 140 million USD (accounting for 13.4%), up 97.2%.

Service import turnover in the first quarter of this year was estimated at 5.18 billion USD, up 10% over the same period last year, of which transportation services gained 2.6 billion USD (accounting for 49.4% of total turnover), up 11.3%; tourism services reached 1.1 billion USD (accounting for 20.3%), up 16.7%.

- Consumer price index (CPI): In the first quarter of 2022, CPI increased by 1.92% over the same period last year; CPI in March 2022 up 1.91% compared to December 2021 and up 2.41% over the same period in 2021.

The average core inflation increased by 0.81% compared to the same period in 2021, lower than the general average CPI (up 1.92%), this reflects fluctuations in consumer prices mainly due to rising food, gasoline, oil, and gas prices.

- Labour and employment: The policy of safe, flexible adaptation and effective control of the Covid-19 epidemic made the labor market in the first quarter of 2022 had many signs of prosperity. Labor force, the number of employed people and average monthly income of employees increased compared to the previous quarter and to the same period last year. The unemployment rate and underemployment rate in working-age both decreased compared to the previous quarter, although still higher than the same period last year, but gradually decreasing./.


Ministry of Planning and Investment

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